IoT in Elevators Market Trends, Growth Drivers & Forecast 2024

"The Business Research Company recently released a comprehensive report on the Global IoT in Elevators Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The iot in elevators market size has grown rapidly in recent years. It will grow from $23.8 billion in 2023 to $28.14 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to work trends and building access, smart city integration, data-driven decision-making, enhanced user experience, energy efficiency requirements.

The iot in elevators market size is expected to see rapid growth in the next few years. It will grow to $52 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to rise in smart building initiatives, remote monitoring and predictive maintenance demand, flexible working trends, urbanization, data-driven decision-making capabilities. Major trends in the forecast period include strategic partnerships, remote monitoring and maintenance, enhanced safety and security features, energy efficiency and sustainability, predictive analytics and maintenance.

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Market Drivers and Trends:

The stringent regulations associated with building safety is expected to propel the growth of IoT in elevators market going forward. Stringent regulations are rules or guidelines that are very strict and enforce high standards. They are often implemented to protect public health, safety, or the environment. These regulations mandate compliance to ensure the safety of occupants and prevent accidents. IoT integration in elevators aligns with these regulations by providing real-time monitoring, predictive maintenance, and data-driven insights. This enhances overall elevator safety, addresses emergency response requirements, and enables compliance reporting. For instance, in October 2023, according to European Commission, a governing body of the European union, the European Union (EU) is implementing a new law that will make Building Automation Control Systems (BACS) mandatory for all new tertiary buildings by 2025. This means that all new commercial, institutional, and residential buildings with a floor area of more than 1,000 square meters will be required to have a BACS installed. Therefore, the stringent regulations associated with building safety is driving the growth of IoT in elevators market.

Technological advancements have emerged as a key trend gaining popularity in the IoT in elevators market. Major companies operating in the IoT in elevators market are focused on innovating new technologies to sustain their position in the market. For instance, in September 2022, Johnson Lifts, an India-based manufacturer of lifts and escalators, launched an IoT-based technological feature in its lifts named WATCH. This WATCH, which stands for Wireless Assessment to Troubleshoot Channelize & Host, carries out a number of tasks by connecting the elevators to the data center via the elevator's IoT device. Customers may get immediate support when they need it since it senses, monitors, and informs technicians in real-time. The IoT WATCH function continuously improves lift performance while anticipating potential defects and monitoring lift behaviour and condition.

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Major Key Players of the Market:

Hyundai Elevator Co. Ltd., KONE Corporation, Otis Worldwide Corporation, Schindler Holding Ltd., Mitsubishi Electric Corporation, Toshiba Elevator and Building Systems Corporation, Hitachi Ltd., Huawei Technologies Co. Ltd., Fujitec Co. Ltd., Electra Ltd., Liftinzicht BV, Gruppo Millepiani SPA, Cygnet Infotech Pvt. Ltd., Doppler S.A., Robustel, Robert Bosch GmbH, Honeywell International Inc., Selcom Elevator, ThyssenKrupp AG, Carrier Global Corporation, Cisco Systems Inc., Delta Controls Inc., ALE International SAS, General Electric Company, United Technologies Corporation, International Business Machines Corporation, Johnson Controls International plc, LG Electronics Inc., NEC Corporation, Panasonic Corporation, Siemens AG, Schneider Electric SE

IoT in Elevators Market 2024 Key Insights:

• The iot in elevators market size is expected to see rapid growth in the next few years. It will grow to $52 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%.
• Government-Led Smart City Initiatives Fueling Iot Integration In Elevator Systems
• Technological Advancements Transforming The IOT In Elevators Market
• North America was the largest region in the IoT in elevators market in 2023

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